v3.26.1
Segmental information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segmental information

15. Segmental information:

 

The Company has two reportable segments from which it derives its revenues, tanker vessels and dry-bulk vessels, and has identified the Board of Directors as the CODM in accordance with ASC 280, Segment Reporting. The CODM is responsible for assessing performance, allocating resources, and making strategic decisions across the Company’s business segments. The table below presents information about the Company’s reportable segments for the years ended December 31, 2023, 2024 and 2025. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s Consolidated Financial Statements. The CODM uses segment profit/(loss), which is determined based on segment revenues less voyage related costs and commissions, vessel operating expenses, directly attributable general and administrative expenses, management fees, depreciation and amortization of special survey costs, allowance reduction for credit losses, interest and finance costs, and plus interest income, and excludes non-segment reconciling items, to assess the operating performance and relative profitability of each segment, including trends in segment revenues and significant expenses included in that measure. Based on that review, the CODM allocates financial and capital resources between the segments and makes strategic decisions regarding vessel acquisitions, vessel disposals, and major capital expenditures, while also considering expected market conditions and the future prospects of each segment. Items included in the segment’s profit/(loss) are allocated to each segment to the extent that they are directly attributable to that segment.

 

          
   Year ended December 31, 2025 
   Tanker vessels   Dry-bulk vessels   Total 
Revenues, net  $24,123   $14,871   $38,994 
Less:               
Voyage related costs and commissions (1)   (1,298)   (1,401)   (2,699)
Vessel operating expenses (1)   (8,235)   (6,008)   (14,243)
General and administrative expenses   32    (195)   (163)
Management fees (1)   (931)   (956)   (1,887)
Depreciation and amortization of special survey costs    (4,206)   (3,967)   (8,173)
Allowance reduction for credit losses   22    —    22 
Interest and finance costs (1)   (2,652)   (3,057)   (5,709)
Interest income   140    49    189 
Segment profit/(loss)  $6,995   $(664)  $6,331 
                
Non-segment reconciling items:               
General and administrative expenses            $(5,933)
Interest and finance costs             (66)
Interest income             1,603 
Net income            $1,935 

 

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

 

          
   Year ended December 31, 2024 
   Tanker vessels   Dry-bulk vessels   Total 
Revenues, net  $38,400   $13,142   $51,542 
Less:               
Voyage related costs and commissions (1)   (7,500)   (2,027)   (9,527)
Vessel operating expenses (1)   (7,920)   (5,447)   (13,367)
General and administrative expenses   (98)   (181)   (279)
Management fees (1)   (921)   (759)   (1,680)
Depreciation and amortization of special survey costs   (4,212)   (3,074)   (7,286)
Allowance reduction for credit losses   38    —    38 
Interest and finance costs (1)   (3,491)   (3,027)   (6,518)
Interest income   32    22    54 
Segment profit/(loss)  $14,328   $(1,351)  $12,977 
                
Non-segment reconciling items:               
General and administrative expenses            $(2,717)
Interest and finance costs             (11)
Interest income             2,258 
Net income            $12,507 

 

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

 

 

PYXIS TANKERS INC.

Notes to the Consolidated Financial Statements

December 31, 2024 and 2025

(Expressed in thousands of U.S. dollars, except for share

 

15. Segmental information: – Continued:

 

          
   Year ended December 31, 2023 
   Tanker vessels   Dry-bulk vessels   Total 
Revenues, net  $43,889   $1,579   $45,468 
Less:               
Voyage related costs and commissions (1)   (6,121)   (231)   (6,352)
Vessel operating expenses (1)   (10,772)   (851)   (11,623)
General and administrative expenses   (120)   (28)   (148)
Management fees (1)   (1,388)   (100)   (1,488)
Depreciation and amortization of special survey costs   (5,485)   (406)   (5,891)
Allowance reduction for credit losses   78    —    78 
Gain from the sale of vessels, net   25,125    —    25,125 
Interest and finance costs (1)   (5,275)   (478)   (5,753)
Loss from debt extinguishment   (379)   —    (379)
Loss from financial derivative instrument   (59)   —    (59)
Segment profit/(loss)  $39,493   $(515)  $38,978 
                
Non-segment reconciling items:               
General and administrative expenses            $(3,300)
Interest and finance costs             (82)
Interest income             1,240 
Net income            $36,836 

 

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

 

A reconciliation of total segment assets to total assets presented in the accompanying Consolidated Balance Sheets of December 31, 2023, 2024 and 2025, is as follows:

 

          
   As of December 31, 2025 
   Tanker vessels   Dry-bulk vessels   Total 
Cash and cash equivalents & restricted cash  $4,451   $1,244   $5,695 
Inventories   307    229    536 
Trade accounts receivable   326    1,681    2,007 
Prepayments and other current assets   225    79    304 
Vessels, net   64,028    69,291    133,319 
Deferred dry-dock and special survey costs, net   829    1,264    2,093 
Segment assets  $70,166   $73,788   $143,954 
                
Non-segment reconciling items:               
Cash and cash equivalents            $31,210 
Short-term investment in time deposits             18,000 
Prepayments and other current assets             248 
Total assets            $193,412 

 

 

PYXIS TANKERS INC.

Notes to the Consolidated Financial Statements

December 31, 2024 and 2025

(Expressed in thousands of U.S. dollars, except for share

 

15. Segmental information: – Continued:

 

          
   As of December 31, 2024 
   Tanker vessels   Dry-bulk vessels   Total 
Cash and cash equivalents & restricted cash  $3,074   $2,299   $5,373 
Inventories   1,150    739    1,889 
Trade accounts receivable, net   4,587    453    5,040 
Claim receivable   —    245    245 
Prepayments and other assets   414    221    635 
Vessels, net   67,373    72,651    140,024 
Deferred dry-dock and special survey costs   1,214    —    1,214 
Advance for vessel additions   —    170    170 
Segment assets  $77,812   $76,778   $154,590 
                
Non-segment reconciling items:               
Cash and cash equivalents            $17,220 
Short-term investment in time deposits             17,000 
Prepayments and other current assets             71 
Total assets            $188,881 

 

   Tanker vessels   Dry-bulk vessels   Total 
   Year ended December 31, 2023 
   Tanker vessels   Dry-bulk vessels   Total 
Cash and cash equivalents & restricted cash  $4,237   $1,041   $5,278 
Inventories   904    53    957 
Trade accounts receivable, net   4,704    260    4,964 
Due from related parties   —    194    194 
Prepayments and other assets   180    24    202 
Vessels, net   71,179    28,094    99,273 
Deferred dry-dock and special survey costs   1,622    —    1,622 
Prepayments for vessel acquisition   —    2,663    2,663 
Segment assets  $82,826   $32,329   $115,153 
                
Non-segment reconciling items:               
Cash and cash equivalents            $31,061 
Short-term investment in time deposits             20,000 
Prepayments and other current assets             99 
Total assets            $166,313